GBP Futures: room for extra upside

CME Group’s flash data for GBP futures markets noted investors added nearly 4.2K contracts to their open interest positions on Monday, reversing at the same time four consecutive drops. Volume followed suit and increased by around 24.5K contracts.

GBP/USD now targets the 1.30 region

Cable surged on Monday on the back of positive headlines regarding the December elections. The up move was accompanied by rising open interest and volume, opening the door to extra gains in the near term to, initially, the psychological 1.30 mark.